The US administration of Donald Trump is giving Chevron Corp. one month to stop producing oil in Venezuela, delivering a heavy blow to President Nicolas Maduro’s autocratic regime.

The move — announced by Trump in a Truth Social post last week — will be a major blow to Venezuela. Chevron produces about a fifth of Venezuela’s crude annually, according to analysts at the Rystad Energy research firm, and losing the ability to export to the U.S. will be a blow to the country’s already floundering economy.

The Trump administration made a dramatic move Tuesday, ceasing an important operating license the American oil giant Chevron needed to operate in Venezuela.

The Trump administration formally revoked on Tuesday the license that allows oil giant Chevron Corp. to sell Venezuelan oil in the United States, giving the U.S. company only 30 days to wind down its operations in the South American country.

US Treasury Department’s Office of Foreign Asset Control orders Chevron to wind down joint venture operations by 3 April

The US president cited Venezuela's “electoral conditions” as a reason, adding that the regime hasn’t taken back “violent criminals” at a fast-enough pace.

The Trump administration said on Tuesday it was ending a license that the U.S. had granted to oil producer Chevron since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

The United States on Tuesday gave energy giant Chevron just one month to stop its operations in Venezuela, delivering a heavy blow to cash-strapped authorities in Caracas.

The Trump administration confirmed Tuesday that it will end a license the U.S. had granted to Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, following through on Trump's recent pledge to stop the company from pumping and selling Venezuelan crude.